When you intend on purchasing a property in Croatia, there are multiple options. Renovation projects qualify as one of the best options for investment in Croatia. These renovation projects are not limited to the coastal regions only. There are many great opportunities in the rural inland area.
Renovation projects are relatively affordable at the time of purchase, but require more labour and time, giving you a chance to be creative.
Why buy renovation projects?
Do you want to know why renovation projects are the way to go? Check out these reasons, that make renovation projects a favourite among real estate investors.
Due to the law, only in specific areas new projects can be built. Also, you need to do a considerable amount of paperwork, before you get permission to build. Consequently, an existing house can be the key to success. Fortunately, renovation projects come to the rescue for real estate investors who want to invest in Croatia. The laws make investing in renovation properties in Croatia more suitable.
The rural belt of Croatia
Beyond the coastal regions, the rural belt of Croatia has plenty of old and new properties waiting to be renovated or finished. Many of these houses in rural areas are on solid foundations. However, many were not maintained and have been vacant. Nevertheless, you can put them to use with relatively small investments. They are away from the coastline, and they have proximity to the lakes and mountains. Foreign investors see the potential in them. These renovation projects have commercial value as holiday homes or family homes.
The first look
It all comes down to finding the right opportunity in the right place, at the right price. To some, exploring renovation properties can give the idea that these properties are not worthwhile. Some of these houses are not worth investing in, yet others are a catch. These properties may seem less attractive superficially, but what matters is that the foundation and papers are in place.
In many cases, building from scratch would be much more expensive and take much more time, compared to starting with an existing building with a solid foundation, walls and a roof. During the renovation, these properties can transform and look as if they’re entirely new. After the restoration is complete, they become a gem for serious real estate investors. It is crucial to understand what renovation projects are worthwhile investments.
The renovation process
After buying the renovation property, the work begins. Insulation, plumbing work and electrical repairs deserve priority. Once the basics are done, it’s time for flooring, painting and tiling. The bathroom and kitchen are next. Installing the fixtures and hanging the curtains will give the house its finished look.
Foreign buyers find it easy to invest in renovation projects. Mainly, because it saves a lot of paperwork. Also, these properties are more affordable than newer ones. Even if they may look less attractive, they present great opportunities. With proper renovation, they can be as good as new ones.